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UPR-Mayagüez, Popular Inc. partner to launch business incentive program

The Business and Economic Development Center of the University of Puerto Rico in Mayagüez (CNDE, in Spanish) and Popular Inc. have signed a collaborative agreement to create the AREA-E Capital Incentives Program (I-CaSe, in Spanish), to promote existing companies that wish to strengthen or expand their operations, and create knowledge and business relationships through activities that promote entrepreneurship and innovation.

The program, which received a $160,000 grant from Banco Popular, will select 20 existing companies with a minimum of three and a half years of operations, which will have a chance to receive a $5,000 grant, some 20 hours of training workshops on relevant topics of strategic business development, and individualized mentoring for its first phase.

“Thanks to Popular’s donation we can support existing companies in their expansion and growth process,” said Moraima De Hoyos Ruperto, director of the CNDE.

“Experience has taught us that sometimes what’s needed is a little push and that’s what we’re offering to 20 companies, and we hope that this is the beginning of many other aids to our entrepreneurs,” said De Hoyos.

“We thank Popular for helping to promote this Seed Capital Incentive Program that places our Business and Economic Development Center, once again, in a leading role when it comes to providing the best tools to our entrepreneurs so that they can get ahead and prosper in their businesses, contributing to Puerto Rico,” said Agustín Rullán, the rector of the UPR-Mayagüez campus.

“We’re excited, because we know how important it is to promote and support the growth and productivity of our small and medium-sized entrepreneurs,” said Beatriz Polhamus, vice president of CNDE’s Social Commitment Division.

As announced, as part of the program, different workshops relevant to the needs of entrepreneurs will be offered on topics such as: the strategic development of their business for expansion, labor laws and their impact on the company, Rebranding & E-commerce, management of risk and insurance, financial aspects to consider in business decisions, intellectual property, and financing and export alternatives, among others.

Likewise, individualized and group mentoring will be provided in conjunction with business networking activities.

“At the Business and Economic Development Center we’re aware of our commitment to the business community, so this type of initiative and financial support helps strengthen our business ecosystem,” said Leila Marcano-Nieves, coordinator of the project at the CNDE.

The deadline to apply is July 10, 2022.

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This story was written by our staff based on a press release.

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